The present study investigates the use of co-word analysis method to understand the micro structure of a research speciality. This study is done in the area of Condensed Matter Physics (CMP) taking two time-periods, 1990 and 1995. Based on concurrent set of journals occurring in the subject heading list of CMP in these two time-periods, a database is created after downloading articles present in these journals from the INSPEC database. Using words extracted from the titles from the created database, suitable co-word pairs are constructed. These words, and co-word pairs are explored further to understand their linkages with each other through network analysis methods. Dynamics, within the CMP across 1990 and 1995, are investigated through the comparison of the words, co-word pairs and structurally equivalent blocks. The results are projected using multi-dimensional scaling. The important conclusions of this study are discussed.